The Wealth Effects of the USA Patriot Act: Evidence from the Banking and Thrift Industries

Document Type

Article

Journal/Book Title/Conference

Journal of Money Laundering Control

Volume

10

Issue

3

Publication Date

2007

First Page

300

Last Page

317

Abstract

Title III of the USA Patriot Act obligated the private sector to take a more active role in deterring money laundering and disrupting terrorist financing. Complying with the new law has increased the cost of doing business dramatically for firms in the financial services industry. This study aims to apply a heterogeneous‐firm model of regulation to test whether the anti‐money laundering (AML) provisions of the Patriot Act redistributed wealth within the commercial banking and thrift sectors.

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